Daily Currency Update

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The Greenback is in a “dead cat bounce” mode and Trump announced economic measures.

USD - United States Dollar

The Greenback’s bounce versus different currencies pushed the EUR/USD, but it was already weakening after Italy went into a nationwide lockdown. President Trump said yesterday that he will seek a payroll tax cut and, “...very substantial relief,” for industries that have been hit by the virus.

According to Bloomberg, the economic package to be unveiled by President Donald Trump will leave out any aid for the travel industry, which has been battered by the coronavirus outbreak, for now. If this is true, it will raise the risk that the plan won’t go far enough to satisfy market participants.

On the release side, U.S. inflation numbers will be released tomorrow for February. The expectation is for 0 percent growth in February and 2.2 percent for the year, lower than the 2.5 percent as of January.

Key Movers

The Aussie dollar weakens on disappointing business confidence data. At the same time, Italy, the fourth biggest economy in Europe, will be the first country globally to attempt a nationwide lockdown aimed at preventing the spread of the coronavirus.

Expected Ranges

USD/CAD: 1.3644 - 1.3807 ▲

EUR/USD: 1.1310 - 1.1383 ▼

GBP/USD: 1.2963 - 1.3019 ▼

AUD/USD: 0.6450 - 0.6555 ▼

NZD/USD: 0.6282 - 0.6330 ▼

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